Schedule a Consultation

What Can I Accomplish with an Estate Plan? | The 8 Goals of Illinois Estate Planning

Updated on
July 6, 2020
Article written by
Attorney Kevin O'Flaherty

This article is the first in a series of nine articles explaining the Eight Goals of a Good Estate Plan.  The next eight articles in this series will each examine one of the Eight Goals of a Good Estate Plan in detail and explain the tools we use to accomplish that goal.

‍The purpose of this article is to provide you with a road map of the goals and the tools we use for each.

I have broken the Eight Goals into two groups.

The first group consists of four General Goals that apply to nearly every client. The second group consists of four Specialized Goals that may be appropriate depending on a client’s individual circumstances.The four General Goals and the tools that we use to accomplish them are:

1.  Appointment of fiduciaries and distribution of assets;

Tools: Revocable Living Trust, Will, Healthcare Power of Attorney & Financial Power of Attorney

2.  Probate avoidance upon death;

Tools: Revocable Living Trust

3.  Guardianship avoidance upon mental incompetency;

Tools: Healthcare Power of Attorney & Financial Power of Attorney

4.  End of Life Instruction;

Tools: Living Will.

In addition to these four primary goals, clients in special circumstances may also seek to accomplish four particular goals that are specific to their circumstances. These four Specialized Goals are:

5.  Estate tax avoidance;

Tools: Revocable Living AB Trusts, Irrevocable Life Insurance Trusts, Grantor Retained Annuity Trusts, Grantor Retained Income Trusts, Grantor Retained Unitrusts & Generation Skipping Trusts

6.  Ensuring that a loved one with special needs is provided for without preventing him or her from receiving social security payments;

Tools: Third-party Supplemental Needs Trusts & Self-Settled Supplemental Needs Trusts

7.  Protecting assets from creditors

and Tools: Irrevocable Trusts, Family Limited Partnerships, LLCs & Corporations

8.  Preventing assets from interfering with eligibility for Medicaid and transferring assets to loved ones at death free of Medicaid liens.

What Can I Accomplish with an Estate Plan? | The 8 Goals of Illinois Estate Planning
Author

Attorney Kevin O'Flaherty

Kevin O’Flaherty is a graduate of the University of Iowa and Chicago-Kent College of Law. He has experience in litigation, estate planning, bankruptcy, real estate, and comprehensive business representation.

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.


9 am - 5 pm M - F
After 5 pm by Appt
11 am - 3pm Sat by Appt
11 am - 2 pm Sun by Appt

Open Hours

Mon - Fri

9am - 7pm

By Appointment

Mon - Fri

after 7pm

Saturday

11 am - 3pm

Sunday

11 am - 2 pm


9 am - 5 pm M - F
After 5 pm by Appt
11 am - 3pm Sat by Appt
11 am - 2 pm Sun by Appt

Open Hours

Mon - Fri

9am - 7pm

Saturday

11 am - 3pm

Sunday

11 am - 2 pm


9 am - 5 pm M - F
After 5 pm by Appt
11 am - 3pm Sat by Appt
11 am - 2 pm Sun by Appt

O'Flaherty Law is happy to meet with you by phone, Zoom Call, or in person at any of our office locations in:

Our attorneys have experience in:

Contact us for a Free Consultation

Who We are

We are your community law firm. Our Iowa & Illinois Attorneys are committed to providing exceptional client service in a cost-effective manner in the areas of Family Law, Probate, Estate Planning, Civil Litigation, Guardianship, Criminal Defense, Corporate & Contract Law, Bankruptcy and Real Estate.
Disclaimer: Our articles and comment responses do not constitute legal advice and are not intended to create an attorney-client relationship.

Please contact us to schedule a consultation specific to your legal situation.